In today’s fast-paced and modern world, stress has become the norm in our day-to-day lives. Have you ever experienced a headache or migraine when you are stressed at work or burning midnight oil to complete your project before the deadline? Stress is a silent killer and sometimes we could not notice that but it is a fact of life.
Gfk recent finding has revealed that Money is No. 1 cause of stress in people’s daily lives.
Money is not everything. but it is important for life. Money fulfill the requirements like food, shelter, clothes accessories for day to day life. Money, the lack of it, can cause a lot of stress. Living with money related stress, especially in this tough economy, can impact your emotional well-being such as embarrassment and stress, which lead to insomnia, depression, anxiety and a number of other health problems.
Dealing with money related stress can be difficult, but it is crucial to find ways to cope with it for your health benefits, and living quality.
Money has nothing to do with how much happiness we experience – zero – quoted by Frank Lawlis, psychologist and author of “The Stress Answer”
Here are 5 Ways to Deal with Stress Caused by Money:
1. Know where the Money is Going
You must first begin by knowing exactly where your money is going. This can be achieved by writing down the amount of money you make in a month and keeping track of your monthly expenses. You may also consider to use mobile financial app to track all your spending.
2. Cut Down Unnecessary Expenses
Try to cut down unnecessary expenses from your budget and build a sound cash balance every month. Reducing your current living expenses to the bare minimum can give you a very good idea about what you can live without.
3. Always Pay Your Bills on Time
Make sure you keep track of your spending and always pay your bill on time. Even one late payment can affect your credit standing. Set a personal credit limit for yourself and do not spend over that amount. Think carefully every time before you spend: do you really want or need the purchase right now?
4. Save for Emergency
It is important to put some money aside to prepare for emergencies or unexpected events. Find out how much to save for an emergency fund, how to set up an emergency fund and how to reach your savings goal. By doing so, you will reduce your psychological burden.
5. Save for Retirement
You can further reduce your stress by setting aside some fund even a little each month as you prepare for your golden years. It is important if you want to live comfortably after retirement. You can consider to invest your retirement fund in a safe investment option such as mutual fund to get better returns.
Once you understand the causes behind your money related stress you will be able to work toward a life of financial stability, without money stress.